|Note: The selection
strategy consists of ranking services by pricing performance (net advisory
price and return result in the same rankings) in the first year of the pair
(e.g., t = 1995) and then forming
two groups of programs:
"winners" are those services in the top half of the rankings
and "losers" are services in the bottom half. Next, the same
services are ranked by pricing performance for the second year of the pair
(e.g., t+1 = 1996), and
again divided into "winners" and "losers." For a given comparison, advisory services
must fall in one of the following categories: winner t-winner t+1, winner t-loser t+1, loser t-winner t+1,
loser t-loser t+1.
The odds ratio is the ratio of the odds of a winning service in t being a winning service in t+1 to the odds of a losing service in t being a winning service in t+1. Three stars indicates significance
at the 1% level, two stars indicates significance at the 5% level, and one
star indicates significance at the 10% level.